Some modest inflation in line pipe is also expected to be a benefit, offset by a negative product mix dynamic from the project work.

some modest inflation in line pipe is also expected to be a benefit offset by a negative product mix dynamic from project work


returning to shareholders is part of the criteria that we will continue to use to evaluate that option versus doing other things with the capital.


When we examine the pace of bookings in the first quarter, we are currently running well ahead of where the company was this time last year. This is due in part to the recent large account wins.

when we examine the pace of bookings in the first quarter we are currently running well ahead of where the company was this time last year this is due in part to the recent large account wins


and this obviously starts with serving our commercial customers locally and nationally with a strong array of loan, deposit and treasury management products and services.

and this obviously starts with serving our commercial customers locally and nationally with a strong array of loan deposit and treasury management products and services


It is true that April, when we saw you and we saw other analysts, that April was a rough month. We got beat up in the Northeast and in the Midwest because of weather,

it is true that april when we saw you and we saw other analysts that april was a rough month we got beat up in the northeast and in the midwest because of weather


Now granted, if we have a particular floor plant or unit that maybe isn't moving the way we want it to, or we feel like we have one too many of something,

now granted if we have a particular floor plan or unit that maybe isn't moving the way we want it to or we feel like we have one too many of something


customer care efficiencies and more favorable termination rates and the renegotiation of lower rates for numbering blocks in Canada.

customer care efficiencies and more favorable termination rates and the renegotiation of lower rates for numbering blocks in canada


there's some spare capacity in the pressure pumping market and we're receiving a little bit of incremental pricing discount to accommodate this Q4 activity.

there's some spare capacity in the pressure pumping market and we're receiving a little bit of incremental pricing discount to accommodate this q4 activity


Yes. Thanks, operator. And again, I just wanted to take a moment and thank everyone for taking the time to join us this afternoon. And we look forward to speaking with you again next quarter. Thanks a lot.

thanks operator and again i just wanted to take a moment and thank everyone for taking the time to join us this afternoon and we look forward to speaking with you again next quarter thanks a lot


what we'll be doing is putting -- in a run of invoices, putting an insert in the envelope, kind of a marketing slick that tells them about ARC,

what we'll be doing is putting in a run of invoices putting an insert in the envelope kind of a marketing slick that tells them about arc


with a holistic solution to meet their learning and development needs, which further differentiates Cornerstone as a leader in corporate learning.

with a holistic solution to meet their learning and development needs which further differentiates cornerstone as a leader in corporate learning


helping our cloud customers become successful with our solutions. And in the long run, it's about sort of expanding our presence with the base and

helping our cloud customers become successful with our solutions and in the long run it's about sort of expanding our presence with the base and


We brought on a whole new quality team and initiative, and so we're improving the quality of our code, which means we can spend less time on bugs and more times on innovation.

we brought on a whole new quality team and initiative and so we're improving the quality of our code which means we can spend less time on bugs and more times on innovation


bringing MuleSoft into the company and making sure that we're consulting with every single one of our customers in every single one of our engagements about their integration strategy, just helping them,

bringing milsoft into the company and making sure that we're consulting with every single one of our customers and every single one of our engagements about their integration strategy just helping them


And the weakening of the demand towards the end of the year was another hit -- we took another hit from that on our EBIT in After Sales.

and the weakening of the demand towards the end of the year was another hit we took another hit from that on our ebit in after sales


All but one of the remaining patients in this cohort had received a third dose as of March 23, and there have been no SAEs reported in this cohort.

all but one of the remaining patients in this cohort have received a third dose as of march 23 and there have been no saes reported in this cohort


and the most impactful sales activations. And we have a transformed marketing organization focused on the growth engines of Release,

and the most impactful sales activations and we have a transformed marketing organization focused on the growth engines of release


The consumer needs information to make responsible drinking choices, and we are providing more information on our key brands, starting with Johnnie Walker.

the consumer needs information to make responsible drinking choices and we are providing more information on our key brands starting with johnnie walker


This allows us to influence what they're drinking in the on trade. It gives us access to valuable data about consumers and outlets.

this allows us to influence what they're drinking in the on-trade it gives us access to valuable data about consumers and outlets


The Western Cape water supply risk remains with us with reasonable and practical measures to mitigate such risk deployed and ready.

the western cape water supply risk remains with us with reasonable and practical measures to mitigate such risk deployed and ready


we're going to be very careful about spend. I believe we need to invest in certain activities, which we've laid out, to make the company stronger in the future.

we're going to be very careful about spend i believe we need to invest in certain activities which we've laid out to make the company stronger in the future


Despite the revenue decline, business transient was strong at our Boston hotels and the Hilton Garden Inn Times Square Central.

despite the revenue decline business transient was strong at our boston hotels and the hilton garden inn times square central


And if so, does it improve your organic case in the country? Or do you still feel the Danish market needs some kind of structured solutions towards consolidation?

and if so does that improve your organic case in the country or do you still feel the danish market needs some kind of structural solutions towards consolidation thank you


And the second part is what is competitor behavior because we know what Kaiser's behavior will be, and that is we'll go through to pass that cost through when it goes up

and the second part is what is competitor behavior because we know what kaiser's behavior will be and that is we'll go through to pass that cost through when it goes up


something somewhere else in the country, using our expertise and working with a partner, and we've explored those kinds of things in the past as well.

something somewhere else in the country using our expertise and working with a partner and we've explored those kinds of things in the past as well


This difference is predominantly related to employee-related severances and other costs associated with the execution of information technology outsourcing.

this difference is predominantly related to employee-related severances and other costs associated with the execution of information technology outsourcing


I want to take this opportunity to thank all of LifePoint's talented employees and physicians who work hard every day to help us achieve our mission and vision.

i want to take this opportunity to thank all of lifepoint's talented employees and physicians who work hard every day to help us achieve our mission and vision


with strong brand capability. Each has its own clear brand strategy. We have also brought in from the world

with a strong brand capability each has its own clear brand strategy we have also brought in from the world


As a reflection of the flexibility in our project portfolio, we have responded to permitting delays on a couple of Netherlands projects by reallocating a modest amount of capital in Canada

as a reflection of the flexibility in our project portfolio we have responded to permitting delays on a couple of netherlands projects by reallocating a modest amount of capital in canada


The progress we're making on all these initiatives will create efficiency across the business and support our achievement of sustainably stronger operating profitability.

the progress we're making on all these initiatives will create efficiency across the business and support our achievement of sustainably stronger operating profitability


And the reality is that we still have investments to make as part of executing and building the supply chain capabilities to deliver on the 2018 targets we just talked about. So

and the reality is that we still have investments to make as part of executing and building the supply chain capabilities to deliver on the 2018 targets we just talked about so


the holistic nature of that. We tend to pride ourselves in bringing technology, human capital and infrastructure, and we can do that in a modular way.

the holistic nature of that we tend to pride ourselves in bringing technology human capital and infrastructure and we can do that in a modular way


The order side of things and the prospects side of things not quite so bad, so we would expect to see that recover a little bit as we go through the year. But clearly,

the order side of things and the prospect side of things not quite so bad so we would expect to see that recover a little bit as we go through the year but clearly


and we are continually on the lookout for those acquisitions, which will grow the top line and add value to the combination with our business.

and we are continually on the lookout for those acquisitions which will grow the top line and add value to the combination with our business


that mature in November and December 2019. We are working towards having replacement credit facilities in place

that mature in november and december 2019 we are working towards having replacement credit facilities in place


We continue to believe that we've the right cost structure to withstand the challenges of the coal market that we believe we will be operating in for the foreseeable future.

we continue to believe that we have the right cost structure to withstand the challenges of the coal market that we believe we will be operating in for the foreseeable future


where the contract we had put in place with that same sort of mindset and those same sort of objectives, because of just some

where the contract we had put in place with that same sort of mindset and those same sort of objectives because of just some


and you paid that out, you would be criticized potentially for not earning your dividend with operating income, right. You put yourself in an impossible situation.

and you paid that out you would be criticized potentially for not earning your dividend with operating income right you put yourself in an impossible situation


well, not lose market share in the different segments? Or is that something you would try to maintain in terms of spending what we had 2Q throughout the rest of the year?

well not lose market share in the different segments or is that something you would try to maintain in terms of spending what we had 2q throughout the rest of the year


and whether it's -- it doesn't seem to be administered across the country in the same way. I'll tell you what we are fairly comfortable with

and whether it's -- it doesn't seem to be administered across the country in the same way i'll tell you what we are fairly comfortable with


Our view is that, for the strategic investment case to hold, it's not enough to just maintain it as a financial investment.

our view is that for the strategic investment case to hold it's not enough to just maintain it as a financial investment


We anticipate an improved second half of the year, notwithstanding uncontrollable factors that include market uncertainty and weather-related claims.

we anticipate an improved second half of the year notwithstanding uncontrollable factors that include market uncertainty and weather-related claims


a seller, say an eBay seller, to sign up for a marketplace, literally take all of their information, sign up and start making transactions

a seller say an ebay seller to sign up for a marketplace literally take all of their information sign up and start making transactions


We've purchased a 17-hectare site, and as you can see from the map, we expect to use just under half of this area for the new factory.

we've purchased a 17 hectare site and as you can see from the map we expect to use just under half of this area for the new factory


If they get through this, when they get through this, they will have a ton of properties. I think they have a serious appetite for divesting some of their own stores

if they get through this when they get through this they will have a ton of properties i think they have a serious appetite for divesting some of their own stores


We expect that to continue until new high-profile and innovative devices from Samsung and Apple come to market later this year.

we expect that to continue until new high-profile and innovative devices from samsung and apple come to market later this year


with a tremendous amount of opportunity and it's not always easy for salespeople especially to get their heads around doing something different.


There's been a lot of changes in the third quarter and a lot of these are the results of our direct actions that have significantly reduced

there's been a lot of changes in the third quarter and a lot of these -- a lot of these are the results of our direct actions that have significantly reduced


Ultimately, they had a lot of different reasons why they didn't do it or excuses why they didn't do it. Now of course that it's mandated under the terms of the settlement, they

ultimately they had a lot of different reasons why they didn't do it or excuses why they didn't do it now of course that it's mandated under the terms of the settlement they


and a major distribution partner committed to working with us to bring these funds to market. Now is the time to begin translating that potential into sales success.

and a major distribution partner committed to working with us to bring these funds to market now is the time to begin translating that potential into sales success


Brian's contributions are both significant and deeply appreciated, and I'm happy to say that we're exploring new opportunities for Brian at Groupon. Are we happy with everything? No.

brian's contributions are both significant and deeply appreciated and i'm happy to say that we're exploring new opportunities for brian at groupon are we happy with everything no


Furthermore, we believe, the initiatives that we have launched over the last several years aimed at improving student success and the overall quality of our offerings also contributed to our success.

furthermore we believe the initiatives that we have launched over the last several years aimed at improving student success and the overall quality of our offerings also contributed to our success


these are strategies we're putting in place to be able to compete and win in all market segments. This business has relatively high variable margins, so our focus here has to be both around

these are strategies we're putting in place to be able to compete and win in all market segments this business has relatively high variable margins so our focus here has to be both around


We continue to focus on investing in distribution platform in the fixed income space through strategic hires and expanding our product capabilities.

we continue to focus on investing in distribution platform in the fixed income space through strategic hires and expanding our product capabilities


Very hard for us to predict what may play out there. What I would tell you is that we're confident, regardless of what decision gets made

very hard for us to predict what may play out there what i would tell you is that we're confident regardless of what decision gets made


We have to drill several wells down to the reservoir level. Cores and fluids have to be taken and then put into our laboratories. So

we have to drill several wells down to the reservoir level cores and fluids have to be taken and then put into our laboratories so


We're also pleased with the performance of CLASS, our mattress cover operation, with a solid sales and profit contribution for the third quarter.

we're also pleased with the performance of class our mattress cover operation with a solid sales and profit contribution for the third quarter


This forecast reflects the latest view for sequentially lower steel costs next quarter and a full quarter impact of tariffs on Chinese imports at the 10% level.

this forecast reflects the latest view for sequentially lower steel costs next quarter and a full quarter impact of tariffs on chinese imports at the 10% level


Our largest market in Latin America, Brazil, continues to generate high volume growth and to trend positively despite tough competition.

our largest market in latin america brazil continues to generate high-volume growth and to trend positively despite tough competition


with the, yes, no commitment on any given quarter what we will do. But I'd say a broad commitment that we're constantly looking at, return of capital is being an important part of

with yes no commitment on any given quarter what we will do but i'd say a broad commitment that we're constantly looking at return of capital as being an important part of


The end of October -- or the end of the third quarter is always our lowest level because we released a lot of our pack and hold into the stores

the end of october or the end of the third quarter is always the lowest level because we've released a lot of our pack and hold into the stores


Other properties in secondary markets that have some shop occupancy or a junior anchor vacancy, there are buyers that would like to have that leasing risk.

other properties in secondary markets that have some shop occupancy or a junior anchor vacancy there are buyers that would like to have that leasing risk


Even if you can't be specific because we don't want to talk about 2018 yet, but just in general, is there some fall through to make that also lift that bias a bit?

even if you can't be specific because we don't want to talk about 2018 yet but just in general is there some follow-through to make that also lift that bias a bit


have you seen any slowdown or do you anticipate any slowdown in farmer marketing while they await those payments?

have you seen any slowdown or do you anticipate any slowdown in pharma marketing while they await those payments


Based on this seasonal pattern, Atea's aim throughout the year is to continuously improve its working capital balance from the same seasonal period last year.

based on the seasonal pattern atea's aim throughout the year is to continuously improve its working capital balance from the same seasonal period last year


we continue to have a whole bunch of partnership discussions with a bunch of different firms. I can't really name any new companies, but what I can say is very, very positive response,

we continue to have a whole bunch of partnership discussions with a bunch of different firms i can't really name any of the companies but what i can say is very very positive response


that garden variety of blip, to use the term you used, why wouldn't it be something larger? And if you could provide a bit more color around that, that would be helpful to me anyway.

that garden variety of blip to use the term you used why wouldn't it be something larger and if you could provide a bit more color around that that would be helpful to me anyway


In addition to the AMPS transaction, our third quarter results reflect, relative to the second quarter, lower investment income and lower realized investment gains

in addition to the ams transaction our third quarter results reflect relative to the second quarter lower investment income and lower realized investment gains


given the disruption we're seeing with some of the competitors in the wound care space, just maybe talk a little bit more about some of those opportunities to win business in large health systems and wound care clinics and

given the disruption we're seeing with some of the competitors in the wound care space just maybe talk a little bit more about some of those opportunities to win business in large health systems and wound care clinics and


we simply had distributors taking down inventory in the quarter. I mean, it could be as simple as we're watching these things run through here. These things happen

you simply had distributors taking down inventory in the quarter i mean it could be as simple as we're watching these things run through here these things happen


the goal of every company is to minimize the resources consumed in the running of the company and maximize the resources devoted to innovation and your end customers.

the goal of every company is to minimize the resources consumed in the running of the company and maximize the resources devoted to innovation and year-end customers


In our specialty program segment, as Barry mentioned earlier, we have intentionally reduced our exposure to certain commercial auto and general liability programs where we have determined the rate was not adequate.

in our specialty programs segment as barry mentioned earlier we have intentionally reduced our exposure to certain commercial auto and general liability programs where we have determined the rate was not adequate


do you think the greatest opportunity is owning the wind plant or moving the transmission wire that connects the wind plant? And is there

do you think the greatest opportunity is owning the wind plant or owning the transmission wire that connects the wind plant and is there


If you start at the end of the consumer, the data growth in a way continues at almost an accelerating pace.

if you start at the end of the consumer the data growth in a way continues at almost an accelerating pace


In closing, I'll highlight that our recent follow-on offering creates a strong foundation that allows the company to focus on execution and drive value across our pipeline.

in closing i'll highlight that our recent follow-on offering creates a strong foundation that allows the company to focus on execution and drive value across our pipeline


So we're managing the capital very efficiently by adding the capacity and putting in facilities that are easy to expand as the volume starts to materialize.

so we're managing the capital very efficiently by adding the capacity and putting in facilities that are easy to expand as the volume starts to materialize


the way our STACK system is configured, our high pressure gathering frontline generally gathers from the west towards the Chisholm plant in the east.

the way our stack system is configured our high pressure gathering trunk line generally gathers from the west toward the chisholm plant in the east


Revenue trends are solid as we are looking to grow in line with the German market. Commercial momentum and successful synergy delivery drove significant OIBDA growth.

revenue trends are solid as we are looking to grow in line with the germ market commercial momentum and successful synergy delivery drove significant opex growth


actually I think the first question around lumber. And I appreciate that you guys have the purchasing power to negotiate much better deals than

actually i think the first question around lumber and i appreciate that you guys have the purchasing power to negotiate much better deals than


cash flow generation and a commitment to executing a thoughtful, clearly communicated business plan that enhances value for all of our shareholders.

cash flow generation and a commitment to executing a thoughtful clearly communicated business plan that enhances value for all of our shareholders


For the first part of the financial highlights, I will focus on Cara's consolidated results and will finish with a summary of the company's segmented business performance.

for the first part of the financial highlights i will focus on terra's consolidated results and we'll finish with a summary of the company's segmented business performance


The difference between orders and sales has to do with production lead times as a lot of orders were booked in the last 3 months.

the difference between orders and sales has to do with production lead times as a lot of orders were booked in the last 3 months


this growth is coming from industry customers with some very large projects, where timing on the investment in that infrastructure

this growth is coming from industry customers with some very large projects where timing on the investment in that infrastructure


They go through what we refer to as a direct marketing channel. And what we've done, interestingly, as part of the sales transformation effort, is we've taken pieces of it.

they go through what we refer to as a direct marketing channel and what we've done interestingly as part of the sales transformation efforts is we've taken pieces of it


So I expect that combined spread for next year to be pretty consistent with what it's been over the last couple of years,

so i expect that combined spread for next year to be pretty consistent with what it's been over the last couple of years


But obviously, we've embedded within the range the ability to do something should it be opportunistic to do so and continue to advance our goals of extending term and weighted average duration across the balance sheet.

but obviously we've embedded within the range the ability to do something should be opportunistic to do so and continue to advance our goals of extending term and weighted average duration across the balance sheet


Many of the discussions that I've heard of around increased cost or the cost of compliance with BICE the need to provide additional information prior to sale

many of the discussions that i've heard around increased cost or the cost of compliance with bis the need to provide additional information prior to sale


I wouldn't really kind of go Transformation because it's so new and it's still kind of defining which kind of

i wouldn't really kind of go on a transformation because it's so new and it's still kind of defining which kind of


over the next year, we are really peaking out here at the end of 2017, and we'll be in a steady decline throughout '18. So just in terms of the whole

over the next year we're really peaking out here at the end of 2017 and we'll be in a steady decline throughout '18 so just in terms of the whole


Hello, everyone, and welcome to the call. Our business really came together towards the end of last year, and I'm very proud of our team for working hard to deliver these results.

hello everyone and welcome to the call our business really came together towards the end of last year and i'm very proud of our team for working hard to deliver these results


and we make no obligation to update our disclosures. For more information about factors that may cause actual results to differ materially from forward-looking statements,

and we make no obligation to update our disclosures for more information about factors that may cause actual results to differ materially from forward-looking statements


Tom Durels, our Executive Vice President and Director of Leasing and Operations, will then provide an update on our portfolio. And

tom durrells our executive vice president and director of leasing and operations will then provide an update on our portfolio


actuarial work lump sum, but it sounded like it was maybe being replaced with pension administration. How should we think about that if interest rates are sort of

actuarial work lump sum but it sounded like it was maybe being replaced with pension administration how should we think about that if interest rates are sort of


We undertake no obligation to update or revise the information provided on this call or in the accompanying presentation as a result of new information or future results or developments.

we undertake no obligation to update or revise the information provided on this call or in the accompanying presentation as a result of new information or future results or developments


come in a little bit. If that does not happen, we can certainly access both the brokered and the retail deposit base to fund our growth going forward.

come in a little bit if that does not happen we can certainly access both the brokered and the retail deposit base to fund our growth going forward


What is, I guess, uncomfortable is that when investors look at it and you guys look at it, you don't see a higher forward curve. And so it's hard for you to ascribe

what is i guess uncomfortable is that when investors look at it and you guys look at it you don't see a higher forward curve and so it's hard for you to ascribe


I would note that the consultant cost savings were concentrated primarily in the second half, so fiscal 2017 will reflect those relative savings early in the year.

i would note that the consultant cost savings were concentrated primarily in the second half so fiscal 2017 will reflect those relative savings early in the year


and accelerating in the second half of the year to near double-digit growth by year-end, as our initiatives continue to take hold.

and accelerating in the second half of the year to near double-digit growth by year-end as our initiatives continue to take hold


Ultimately, we are committed to delivering on profitability as we continue to manage our way through the integration and focus on reinvesting for growth.

ultimately we are committed to delivering on profitability as we continue to manage our way through the integration and focus on reinvesting for growth


while RAV growth and recovery would be lower over the longer term. Another important point Ofgem confirmed last week was the use of economic asset life

while rat growth and recovery would be lower over the longer term another important point offgem confirmed last week was the use of economic asset lives


from EBITDA, is that a kind of -- do you look at that as a fixed number going forward? Or is that something that trends in an upward direction over time? I'm just curious.

from ebitda is that a kind of a -- you look at that as a fixed number going forward or is that something that trends in an upward direction over time just curious


On Jamalco, we have successfully reduced production cost with the plants operating profitably and further improvements are expected.

on jamaico we have successfully reduced production costs with the plant operating profitably and further improvements are expected


And if you could comment a little bit about your average cost of debt, and if there's any room for refinancing or liability management to improve that.

and if you could comment a little bit about your average cost of debt and if there's any room for refinancing or liability management to improve that


Our next generation of service offerings grew as well, and most importantly, we believe we have turned the corner on our deployment services cost structure.

our next generation of service offerings grew as well and most importantly we believe we have turned the corner on our deployment services cost structure


We are seeing more traction in the use of our smart color services and more project color printing in the form of red lines and change tracking.

we are seeing more traction in the use of our smart color services and more project color printing in the form of redlines and change tracking


Last quarter, we highlighted our expectation that on average the next generation of funds will be approximately 30% larger than the previous generation.

last quarter we highlighted our expectation that on average the next generation of funds will be approximately 30% larger than the previous generation


And so they'll be a vital part of our portfolio, but they and of themselves are not products that will be introduced to the marketplace, at least not

and so they'll be a vital part of our portfolio but they and of themselves are not products that will be introduced to the marketplace at least not


Looking ahead and as we mentioned on the second quarter conference call, we expect a substantial sequential increase in sales and margins in the fourth quarter.

looking ahead and as we mentioned on the second quarter conference call we expect a substantial sequential increase in sales and margins in the fourth quarter


And brachyury vaccine will be going into a Phase I study beginning of next year, looking at the intravenous administration.

and brachyury vaccine will be going into a phase i study beginning of next year looking at the intravenous administration


that has been increasingly competitive with new segments and small brands. In Western Europe, the pricing environment remained challenging.

that has been increasingly competitive with new segments and small brands in western europe the pricing environment remained challenging


most of it came from a big contract in Mexico. This product -- project is now finished and fully included in the '18 figures. As

most of it came from a big contract in mexico this product project is now finished and fully included in the 18 figures


which will significantly enhance the pharmacy experience for patients with the ability to refill, synchronize medications, and get access to prescription history.

which will significantly enhance the pharmacy experience for patients with the ability to refill synchronize medications and get access to prescription history


the background the financial sector at least at this point of time looks like in a sweet spot, but as we always know that we need to keep our alert on

the financial sector at least at this point of time looks like in a sweet spot but as we always know that we need to keep our alert on


We're also pursuing other high-return investment opportunities similar to this at both Richmond and Martinez.

we're also pursuing other high return investment opportunities similar to this at both richmond and martina


it does exactly that. And so whether I'm an advertiser or an agency, I'm incredibly interested in seeing that clarity in the marketplace. Ultimately,

it does exactly that and so whether i'm an advertiser or an agency i'm incredibly interested in seeing that clarity in the marketplace and ultimately


We also have seen real uptake over the last X number of quarters from our new product portfolio and the investments we made over the years in 3D printing

we also have seen real uptake over the last x number of quarters from our new product portfolio and the investments we made over the years in 3d printing


They aren't the drivers of the high earnings and the high revenue growth. What they are typically is the stability of creating a longer-term stable foundation

they aren't the drivers of the high earnings and the high revenue growth what they are typically is the stability of creating a longer-term stable foundation


While we are very pleased with the performance of our initial 2 locations in Toronto, particularly with guest acceptance, satisfaction scores and team engagement, which are some of the highest in the system,

while we are very pleased with the performance of our initial 2 locations in toronto particularly with guest acceptance satisfaction scores and team engagement which are some of the highest in the system


at this point, it's way too early to call whether or not our pipeline is going to be successful, but we think it's quite important that we have multiple shots on goal,

at this point it's way too early to call whether or not our pipeline is going to be successful but we think it's quite important that we have multiple shots on goal


the bid opportunities are coming out kind of aligned with their lead time on the aircraft design itself.


valuable to the customers we serve and make them want to be able to use our services in a faster way. The CUI crawlers, those were, again, just another way of

valuable to the customers we serve and make them want to be able to use our services in a faster way the cui crawlers those were again just another way of


and so that information, I think, is something that people are closely evaluating. And the other element is the pragmatic aspect of the single administration

and so that information i think is something that people are closely evaluating and the other element is the pragmatic aspect of the single administration


We are confident these positive trends will continue going forward. For the last 20 years, we have demonstrated a consistent ability

we are confident these positive trends will continue going forward for the last 20 years we have demonstrated a consistent ability


Excluding the project, revenues are projected to increase approximately 15%, slightly down from our previous projections due to some project slippage in the linings business.

excluding the project revenues are projected to increase approximately 15% slightly down from our previous projections due to project slippage in the linings business


and cause these forward-looking statements to be inaccurate. A more detailed discussion of certain of the risk factors that could cause these future-looking statements to be inaccurate

and cause these forward-looking statements to be inaccurate a more detailed discussion of certain of the risk factors that could cause these future-looking statements to be inaccurate


We have advanced work on the remaining buildings with the goal of coming to grade through Q2 2019. We have tendered the majority of the work for the project

we have advanced work on the remaining buildings with a goal of coming to grade through q2 2019 we have tendered the majority of the work for the project


The company's monitored home and personal security offerings have historically included a manufacturing installation and servicing of its own proprietary wireless 2-way voice controller panels,

the company's monitored home and personal security offerings have historically included the manufacturing installation and servicing of its own proprietary wireless 2-way voice controller panels


to give specifics. As I mentioned earlier, we've made tremendous progress in a short period of time, but there still is a degree of uncertainties that we need to get our hands wrapped around.

to give specifics as i mentioned earlier we've made tremendous progress in a short period of time but there still is a degree of uncertainties that we need to get our hands wrapped around


As many of you know, over the past few months, Endo has undertaken an overall assessment of our company's strategy in its asset and product portfolios.

as many of you know over the past few months endo has undertaken an overall assessment of our company's strategy and its asset and product portfolios


over some years. And if I go back to previous question relating to the actual payment mechanism for this, I suppose my

and if i go back to the previous question relating to the actual payment mechanism for this i suppose my


Because we collect approximately twice the amount of recovered paper we consume through our recycling operations, we have a partial hedge against rising OCC prices.

because we collect approximately twice the amount of recovered paper we consume through our recycling operations we have a partial hedge against rising occ prices


it's a recipe for a lot of opportunity that can play well in the way the customers want to eat food today and I believe how they want to eat food in the future.

it's a recipe for a lot of opportunity that can play well in the ways that customers want to eat food today and i believe how they want to eat food in the future


we talked about EPS in my prepared comments, a single quarter is now larger than what this company used to do in a full year

we talked about eps in my prepared comments a single quarter is now larger than what this company used to do in a full year


That being said, we must continue to move forward. While the toughest parts of our transformation is behind us, we still certainly have more work in front of us.

that being said we must continue to move forward while the toughest parts of our transformation are behind us we still certainly have more work in front of us


Following the completion of the senior housing disposition, our remaining nonmultifamily assets are primarily medical office buildings, which we intend to opportunistically sell in the future.

following the completion of the senior housing disposition our remaining non multifamily assets are primarily medical office buildings which we intend to opportunistically sell in the future


and report on this statistic, it will provide meaningful insight into the overall growth of the product and provide a indicator of expected future revenue growth.

and we put on this statistic it will provide meaningful insight into the overall growth of the product and provide an indicator of expected future revenue growth


one of our Heartland businesses as well as from roofing granules. As we expected, organic growth in Health Care was similar to the third quarter

one of our hotland businesses as well as from roofing granules as we expected organic growth in health care was similar to the third quarter


and a favorable end to 2016. We continue to be pleased with the market share of our product -- of all of our product categories.

and a favorable end to 2016 we continue to be pleased with the market share of our product -- of all of our product categories


including increased application levels and dealer contribution, higher average ticket and increasing momentum in our Franchise and Transportation channels.

including increased application levels and dealer contribution higher average ticket and increasing momentum in our franchise and transportation channels


We continue to be awarded new contracts, which will result in opening 2 additional stores expected to open before the end of the fiscal year.

we continue to be awarded new contracts which will result in opening 2 additional stores expected to open before the end of fiscal year


As we sit and look at the business levels this quarter, it doesn't look like we've lost anything significant. It looks like we

as we sit and look at the business levels this quarter it doesn't look like we lost anything significant it looks like we


Starting with growth, we want to help our advisers operate thriving practices with differentiated services that win in the marketplace. To help achieve this goal,

starting with growth we want to help our advisers operate thriving practices with differentiated services that win in the marketplace to help achieve this goal


As mentioned in the previous slides, in order to keep our competitive advantage in connectivity, we continued our investment efforts,

as mentioned in the previous slides in order to keep our competitive advantage in connectivity we continued our investment efforts


all point to this idea that this is a global phenomenon. This is not one group or one industry or one region. This is the whole world, every industry.

all point to this idea that this is a global phenomenon this is not one group or one industry or one region this is the whole world every industry


And we are evaluating whether the opportunity exists to refinance early and extend the maturity date and reduce the interest cost of that security.

and we are evaluating whether the opportunity exists to refinance early extend the maturity date and reduce the interest cost of that security


Just one tiny bit to finish on the overall shape of the portfolio, so we've talked about cleaning up the portfolio

just one tiny bit to finish on the overall shape of the portfolio so we've talked about cleaning up the portfolio


The other growth drivers for digital was the extra time offering that we launched both in South Africa as well as in Nigeria.

the other growth drivers for digital was the extra time offering that we launched both in south africa as well as in nigeria


On the contrary, I assure you that the enormity of the opportunity that we shared with you at our China Investor Day remains fully intact.

on the contrary i assure you that the enormity of the opportunity that we shared with you at our china investor day remains fully intact


Our strategy is simple. We will increase spirits participation in emerging markets and support premiumization in developed markets.

our strategy is simple we will increase spirit's participation in emerging markets and support premiumization in developed markets


certainly looking at what's happening in terms of the economic environment and what's happening to capital levels in the industry generally


putting the right systems, policies and management team and we believe this business is now well-positioned for the next phase of investment. In particular with regards to bread,

putting the right systems policies and management team and we believe this business is now well positioned for the next phase of investment in particular with regards to bread


Expenses will increase temporarily during the fourth quarter, so we will maintain the revised full year earnings forecast for the first half financial announcement.

expenses will increase temporarily during the fourth quarter so we will maintain the revised full year earnings forecast for the first half financial announcement


let me recap our latest strategic moves. DiamondRock is focused on creating long-term shareholder value throughout all phases of the lodging cycle.

let me recap our latest strategic moves diamond rock is focused on creating long-term shareholder value throughout all phases of the lodging cycle


But as I said, we still believe there are rooms to improve efficiency and adjust how we work and how we prioritize in some areas,

but as i said we still believe there are rooms to improve efficiency and adjust how we work and how we prioritize in some areas


The current environment, which combines slightly slowing demand with rising labor costs, has created some sensitivity in pricing compared to a year ago.

the current environment which combines slightly slowing demand with rising labor costs has created some sensitivity in pricing compared to a year ago


can you just talk about what your plans are for that over the next 12 months in terms of, say, exiting rooms from the system? And what we can reasonably expect

can you just talk about what your plans are for that over the next 12 months in terms of say exiting rooms from the system and what we can reasonably expect


fully signed by Sunday night, fully binding, we applied for a sanction, a relief for license to operate essentially from OFAC on Sunday night.

fully signed by sunday night fully binding we applied for sanction relief for license to operate essentially from ofac on sunday night


Such statements include declarations regarding the intent, belief or current expectations of the company and its management, including those related to cash flow,

such statements include declarations regarding the intent belief or current expectations of the company and its management including those related to cash flow


It's not unusual for labs, especially the smaller- to medium-sized independent labs to send these specimens to those specialized labs on a reference basis.

it's not unusual for labs especially the smaller to medium-sized independent labs to send these specimens to those specialized labs on a reference basis


As we are actively marketing this property, we will not discuss the specifics of a potential transaction or speculate on potential proceeds

as we are actively marketing this property we will not discuss the specifics of a potential transaction or speculate on potential proceeds


That's why we bought Al Salomi. And now I think you're starting to see the dynamic coming to fruition. Now what's interesting is Southern Spain and Italy -- or

that's why we bought el salomé and now i think you're starting to see the dynamic coming to fruition now what's interesting is southern spain and italy


for the natural gas users. In our case, we do much of the work mostly on gas distribution.

for the natural gas users in our case we do much of the work mostly on gas distribution


With both programs, we've also completed exhaustive and extensive regulatory discussions to inform the progression of these programs in the pivotal registrational studies.

with both programs we've also completed exhaustive and extensive regulatory discussions to inform the progression of these programs in the pivotal registrational studies


and higher compensation costs due to headcount and the timing of annual raises as well as the timing of recording


Obviously, we need to see growth return at the top line to help drive further improvement in operating income, but do recognize the market dynamics being faced by the segment.

obviously we need to see growth return at the top line to help drive further improvement in operating income but do recognize the market dynamics being faced by this segment


given some of the, let's call them, macro uncertainties that we've seen? Is there any early preparation for IFRS 9? I know you have

given some of the let's call them macro uncertainties that we've seen is there any early preparation for ifrs 9 i know you have


To achieve this, Gannett must remain strong and have the financial flexibility to support investment in critical resources.

to achieve this gannett must remain strong and have the financial flexibility to support investment in critical resources


As we have indicated, we see this as an investment, since we consider an important part of franchisee engagement, success and growth.

as we have indicated we see this as an investment since we consider it an important part of franchisee engagement success and growth


is to focus more on aggressively broadening our distribution points, both within Quebec, but also beyond its borders.

is to focus more on aggressively broadening our distribution points both within quebec but also beyond its borders


We expect the vast majority of this reduced volume to be offset once we have additional TPPL manufacturing capacity allowing EnerSys to expand sales

we expect the vast majority of this reduced volume to be offset once we have additional tppl manufacturing capacity allowing enersys to expand sales


So I think we have a few levers. As again, if the market slows down on a more consistent that we believe is going to go into a slower environment,

so i think we have a few levers as again if the market slowed down on a more consistent that we believe is going to go into a slower environment


In addition, based on recent industry trends, we believe there is an opportunity for additional premium increases as well as benefit changes,

in addition based on recent industry trends we believe there is an opportunity for additional premium increases as well as benefit changes


While we have retained a high percentage of the rise in short rates to date, we are closely monitoring crediting rates to remain competitive with peers.

while we have retained a high percentage of the rise in short rates to date we are closely monitoring crediting rates to remain competitive with peers


The group is at its optimal capital structure and continues to generate returns on invested capital much greater than 10%. As a result,

the group is at its optimal capital structure and continues to generate returns on invested capital much greater than 10% as a result


We plan to accomplish this through operational efficiencies by expanding our growth platforms and reducing our exposure to lower-return markets.

we plan to accomplish this through operational efficiencies by expanding our growth platforms and reducing our exposure to lower return markets


direct experience with it. And as a result, we do think that it's prudent for us to be frankly pretty conservative in the revenue that we're going to recognize.

our direct experience with it and as a result we do think that it's prudent for us to be frankly pretty conservative in the revenue that we're going to recognize


Very simply, a very concrete economic policy that has passed Congress and it is enacted into law

i am very simply a very concrete economic policy that has passed congress and it is enacted into law


but I wonder if you could maybe touch on that a little bit. And then one question for Brian on free cash flow, if you could maybe touch on what you're expecting for the full year.

but i wonder if you could maybe touch on that a little bit and then one question for brian on free cash flow if you could maybe touch on what you're expecting for the full year


First of all, we offer the possibility to any customer to submit their refurbishment project to a professional interior design architect

first of all we offer the possibility to any customer to submit their refurbishment project to a professional interior design architect


We are also launching our first of first specifically designed for small spaces and this is to address customer needs around city centers

we are also launching our first offer specifically designed for small spaces and this is to address customer needs around city centers


And so as we've looked at where we wanted to invest in the business, we've allowed that investment to continue, which has driven most of our expenses.

and so as we've looked at where we wanted to invest in the business we've allowed that investment to continue which has driven most of our expenses


Significantly, we finally had the functional team in place for a full 3 months and the early signs of operating results from the organization working towards common goals and initiatives are very encouraging.

significantly we finally had the functional team in place for a full 3 months and the early signs of operating results from the organization working towards common goals and initiatives are very encouraging


owner of the facility, do you feel that having a broader service offering is going to help you price in the future

owner of the facility do you feel that having a broader service offering is going to help you price in the future


millions of changes that come into that all get initiated on January 1. Our call center people have to be prepared for that. Our account management teams have to work with our clients on it.

millions of changes that come into the -- they all get initiated on january 1 our call center people have to be prepared for that our account management teams have to work with our clients on it


I would say it's almost certainly true that we will enter a third therapeutic area. Will that be in 2018? Hard to say.

i would say it's almost certainly true that we will enter a third therapeutic area will that be in 2018 hard to say


As we noted last quarter, under the new guidance, we are now recording certain dealer payments as expenses within cost of goods sold that were previously classified as a reduction in net sales.

as we noted last quarter under the new guidance we are now recording certain dealer payments as expenses within cost of goods sold that were previously classified as a reduction in net sales


One relationship was previously identified as a special mention loan several quarters ago, and the other was already classified as a problem.

one relationship was previously identified as a special mention loan several quarters ago and the other was already classified as a problem


Finally, we recently filed a settlement in our New Mexico rate case, which was reached between SPS, the staff and other parties.

finally we recently filed a settlement in our new mexico rate case which was reached between sps the staff and other parties


The second is to reduce Medicare spending for beneficiary. Importantly, this second objective is measured over a 90-day episode,

the second is to reduce medicare spending per beneficiary importantly this second objective is measured over a 90-day episode


So right now our customers are saying they think it's more of an inventory issue, but we'll get more color to that as we go through the third quarter. But that's all we have right now.

right now our customers are saying they think it's more of an inventory issue but we'll give more color to that as we go through the third quarter but that's all we have right now


So I think it's been difference where the business was. And again, I want to be -- it's important here that the board is really coming back in terms of overall governance,

so i think it's been different where the business was and again i want to be important here that the board is really coming back in terms of overall governance


We expect to move into GaN power electronics. We've got the early start there and we're delivering some great results with our Propel product.

we expect to move into gan power electronics we've got the early start there and we're delivering some great results with our propel product


you don't recover about half of that. So that goes straight to the NOI. So that's part of it. Part of it is a marginal read-through of the rental deals that we've done

you don't recover about half of that so that goes straight to the noi so that's part of it part of it is a marginal read-through of the rental deals that we've done


In the entire energy supply chain, including natural gas, which covers a large area from upstream to downstream.

in the entire energy supply chain including natural gas which covers a large area from upstream to downstream


long-haul debottlenecking is very difficult. And as I said in the prepared remarks, you really have to wait for the significant additional capacity to come on with projects.

long-haul debottlenecking is very difficult and as i said in the prepared remarks you really have to wait for the significant additional capacity to come on with projects


As highlighted on Slide 3, these results were slightly ahead of our expectations for the first quarter and we're pleased to make progress towards the continued execution of our strategic plans.

as highlighted on slide 3 these results were slightly ahead of our expectations for the first quarter and we're pleased to make progress towards the continued execution of our strategic plans


in particular DuraSeal, has gotten to a really good place overall versus where we were last year, given the contracting efforts that we put in place. And so

in particular duroseal has got into a really good place overall versus where we were last year given the contracting efforts that we put in place and so


we are not changing our production guidance range for 2018. We have made significant steps to reduce our transportation costs in Colombia.

we are not changing our production guidance range for 2018 we have made significant steps to reduce our transportation costs in colombia


So we have normal trade receivables and payables as you would expect in any global company. And so the majority of that is not intercompany debt.

so we have normal trade receivables and payables as you would expect in any global company and so the majority of that is not intercompany debt


A little bit of cash left over and with some debt that we picked up during the year. We fully funded all of our CapEx, all of our dividend requirements.

with a little bit of cash left over and with some debt that we picked up during the year we fully funded all of our capex all of our dividend requirements


That said, we are pleased to see the turn in this indicator for our markets as well as the solid growth in our internal backlogs.

that said we are pleased to see the turn in this indicator for our markets as well as the solid growth in our internal backlogs


I mean, increasingly, the funding is there to grow at faster rates. That said, I think when you have a portfolio as broad as ours across as many markets as we're in, and

and increasingly the funding is there to grow at faster rates that said i think when you have a portfolio as broad as ours across as many markets as we're in and


And Bank of China announced that it's going to take its aviation group and put it on the Hong Kong Stock Exchange. These are all pretty big deals. It's all happened in a fairly short time frame.

and bank of china announced that it's going to take its aviation group and put it on the hong kong stock exchange these are all pretty big deals it's all happened in a fairly short time frame


we don't have perfect clarity on that where we are today. One thing we need to resolve is our NGL solution in Oklahoma so that we understand

we don't have perfect clarity on that where we are today one thing we need to resolve is our ngl solution in oklahoma so that we understand


And so that capital is available to redirect into drilling. So I feel good about this year. I feel good about where we're going in 2020, and we'll stay that program.

and so that capital is available to redirect into drilling so i feel good about this year i feel good about where we're going in 2020 and we'll stay that program


And revenue growth itself in dollars has been accelerating as well. And much more so over the last year when all the momentum we are building has started to translate into revenue.

and revenue growth itself in dollars has been accelerating as well and much more so over the last year when all the momentum we are building has started to translate into revenue


While pricing pressures will continue, a raft of new international clearances bodes well for a more positive second half of the year internationally.

while pricing pressures will continue a raft of new international clearances bodes well for a more positive second half of the year internationally


the enhancement that blockchain offers to global settlement systems and payment systems offer a significant opportunity for us. So I think the answer is yes.

the enhancement that blockchain offers to global settlement systems and payment systems offer a significant opportunity for us so i think the answer is yes


Thank you, Alan, and good afternoon, everyone. I will open with our economic update and outlook and discuss our revenue performance and business conditions in each segment

thank you alan and good afternoon everyone i will open with our economic update and outlook and discuss our revenue performance and business conditions in each segment


And most of that progress is being driven by the core team of hunters that have been in place for a while. Nearly half the team is new,

and most of that progress is being driven by the core team of hunters that have been in place for a while nearly half the team is new


Well, we've got operational challenges that would certainly be unique for us with Hawaii, and I think that's the bigger issue for us.

well we've got operational challenges that would certainly be unique for us with hawaii and i think that's the bigger issue for us


is recruiting strong, sending a large number of people through the training process and we are having people engaged. Too early to tell you at this point what the results might be.

is recruiting strong sending a large number of people through the training process and we are having people engage too early to tell you at this point what the results might be


Now we are not where we need to be yet, but we hope to show some progress in the second quarter this year and especially in the second half of the year when we should have fully implemented the new plan.

now we are not where we need to be yet but we hope to show some progress in the second quarter this year and especially in the second half of the year when we should have fully implemented the new plan


So as we develop the future leadership team for The Tile Shop, you should not be surprised that we will focus our efforts first on our in-house leaders.

so as we develop the future leadership team for the tile shop you should not be surprised that we will focus our efforts first on our in-house leaders


In order to reduce uncertainty around this small aspect of our business, when there are significant developments with regard to broadcasting, we will provide updates.

in order to reduce uncertainty around this small aspect of our business when there are significant developments with regard to broadcasting we will provide updates


We will, to be clear, be looking for a pathway that ensures the long-term viability of an asset that is important not only for us but also to Tanzania as a whole.

we will to be clear be looking for a pathway that ensures the long-term viability of an asset that is important not only for us but also to tanzania as a whole


This was driven by organic sales growth of 5% and the benefit of acquisitions, which were partially offset by higher raw material cost.

this was driven by organic sales growth of 5% and the benefit of acquisitions which were partially offset by higher raw material cost


Though we expect only limited revenue impact in 2016, as implementations of new sales will not be completed until the second half of this year,

though we expect only limited revenue impact in 2016 as implementations of new sales will not be completed until the second half of this year


increases the book value of assets acquired to an appraised fair market value level. It is this write-up of assets that generates

increases the book value of assets acquired to an appraised fair market value level it is this write-up of assets that generates


And then also could you -- can you maintain this level of growth going forward in the Americas? Or do you think you'll need to maybe lean more on Europe for growth going forward?

and then also can you maintain this level of growth going forward in the americas or do you think you'll need to maybe lean more on europe for growth going forward


Mike McFerran and I will then walk you through the separate presentation that Carl mentioned on our election before we take your questions. So with that, I'll hand the call over to Mike McFerran. Thanks, Mike.

mike mcferran and i will then walk you through the separate presentation that carl mentioned on our election before we take your questions so with that i'll hand the call over to mike mcferran thanks mike


Going to Slide 7. We continued to experience the effects of a strong overall industry environment during the quarter with increases in demand from our top 5 customers.

going to slide 7 we continue to experience the effects of a strong overall industry environment during the quarter with increases in demand from our top 5 customers


And that is addressing both direct as well as the indirect. And again, we've made a lot of progress there, not just in terms of

and that is addressing both direct as well as the indirect and again we've made a lot of progress there not just in terms of


In Page 15, we have the rest of the lines of our financial statements, so we finished up the operating income

in page 15 we have the rest of the lines of our financial statements so we finish up the operating income


This product continues to be very well received by users. Daily active user is approaching 10 million

this product continues to be very well received by users daily active user is approaching 10 million


consumer end products, which are mostly launched in the second half of the year. So production is built up in the first half

consumer end products which are mostly launched in the second half of the year so production is built up in the first half


and look at some of the things that we want to do to ensure that its a success, not just in terms of the cost savings, but in terms of

and look at some of the things that we want to do to ensure that it's a success not just in terms of the cost savings but in terms of


The real upside for value creation is combining 2 successful organizations into an even more innovative and talented professional services firm.

the real upside for value creation is combining 2 successful organizations into an even more innovative and talented professional services firm


on a mobile device without requiring the brand to develop or the customer to download a standalone app.


we're about to have 4 different products. Customers can come in directly to any one of these products. Obviously, for those customers that come in just for their credit score, there's no revenue directly associated with it.

we are about to have 4 different products customers can come in directly to any one of these products obviously for those customers that come in just for the credit score there's no revenue directly associated with it


This sale followed the purchase of a separate site, still in Florida, which is better suited for our construction and installation team based in Pompano Beach.

this sale followed the purchase of a separate site still in florida which is better suited for our construction and installation team based in pompano beach


and to participate richly as the BDC industry continues to evolve and develop into a major component of our country's capital market system.

and to participate richly as the bdc industry continues to evolve and develop into a major component of our country's capital markets system


We're not -- we're probably not going to ever forecast right now how many points of OR we might get if we got that kind of improvement. I think you can look at our

we're not -- we're probably not going to ever forecast right now how many points of or we might get if we got that kind of improvement i think you can look at our


That's a strategic partner deal who is ramping at this point in time and doubled their usage throughput in October over September, and September had doubled it over

that's a strategic partner deal who is ramping at this point in time and doubled their usage throughput in october over september and september had doubled it over


Is this permit still unchanged? And the reason for this accounting procedure is because you are not sure how the price will turn out?

is this premise still unchanged and the reason for this accounting procedure is because you're not sure how the price will turn out


Understood. Okay. And then maybe just one last one on the tax rate. Any update on your expectations there just given some of the changes that are going on in New Jersey?

understood okay and then maybe just one last one on the tax rate any update on your expectations there just given some of the changes that are going on in new jersey


So in this area also for our customers, if you look at the carbide-based PVC, some regulations are on

so in this area also for our customers if you look at the cuba-based pbc some regulations are on


this is not unlike how we're operating in other fields. And what this does is provide a good balance between having strong focus on the channel and building

this is not unlike how we're operating in other fields and what this does is provide a good balance between having strong focus on the channel and building


We have the capabilities and the means to deliver sustainable value for all stakeholders.

we have the capabilities and the means to deliver sustainable value for all stakeholders


I asked this question because if I look at your recent business approaches, I do not think that you place high -- the foremost priority on the shareholders.

i ask this question because if i look at your recent business approaches i do not think that you place high -- the foremost priority on the shareholders


Transported intrastate volumes increased due to higher demand for exports to Mexico as well as the addition of new pipes to our intrastate system.

transported intrastate volumes increased due to higher demand for exports to mexico as well as the addition of new pipes to our intrastate system


We spent much of the first quarter evaluating the potential fit of the Hatteras portfolio with our own assets, and we continue to feel positive about the combination of the 2 portfolios.

we spent much of the first quarter evaluating the potential fit of the hatteras portfolio with our own assets and we continue to feel positive about the combination of the 2 portfolios


We are now better able to understand shifts in demographics, socioeconomic trends in specific towns and other reasons behind customers coming to and leaving

we are now better able to understand shifts in demographics socioeconomic trends in specific towns and other reasons behind customers coming to and leaving


Okay. And that's helpful, and then on a new store productivity in the third quarter, you mentioned Jackson was really strong. So did you see that type of

okay and that's helpful and then on the new store productivity in the third quarter you mentioned jackson was really strong so did you see that type of


In line with our company's new vision, we recently announced our plan to remove all artificial ingredients from products that carry our brand.

in line with our company's new vision we recently announced our plan to remove all artificial ingredients from products that carry our brand


that a lot of the loans that have been originated for purposes of quick transaction are not just sitting on the balance sheet of our financial institution clients,

that a lot of the loans that have been originated for purposes of a quick transaction are now just sitting on the balance sheet of our financial institution clients


Ladies and gentlemen, on behalf of Kotak Mahindra Bank that concludes this conference call for today. Thank you for joining us and you may now disconnect your lines.

ladies and gentlemen on behalf of kotak mahindra bank that concludes this conference call for today thank you for joining us and you may now disconnect your lines


solely due to lower metal prices, and this also reduces our gross profit dollars, most of which would also reduce our operating and pretax profits.

solely due to lower metal prices and this also reduces our gross profit dollars most of which would also reduce our operating and pretax profits


Our growth initiatives in both Watch and Buy are strengthening our competitive advantages as evidenced by new client wins in both segments and the launch of new products into the marketplace.

our growth initiatives in both watch and buy are strengthening our competitive advantages as evidenced by new client wins in both segments and the launch of new products into the marketplace


Over the past several months, we've had many one-on-one discussions with senior leaders of our clients regarding the need to redefine the currency, and this those discussions have been productive.

over the past several months we've had many one-on-one discussions with senior leaders of our clients regarding the need to redefine the currency and those discussions have been productive


Earlier in the year, we increased our Potash Royalty exposure with the addition of additional partnership units from Liberty, which proved to be very well timed.

earlier in the year we increased our potash royalty exposure with the addition of additional partnership units from liberty which proved to be very well timed


Maybe one day consumers will come back for your existing product. The sad thing is, when they come back, maybe your existing product is already gone.

maybe one day consumers will come back for your existing product the sad thing is when they come back maybe your existing product is already gone


Many other providers will change prices on customers retroactively, without notice, after the electricity has been consumed, and they learn about it when they receive their bill.

many other providers will change prices on customers retroactively without notice after the electricity has been consumed and they learn about it when they receive their bill


The vast majority of our externally funded engineering resources have been focused on supporting Meritor and the E-axle program.

the vast majority of our externally funded engineering resources have been focused on supporting meritor and the e-axle program


Looking at our market opportunity on Slide 9, we are uniquely positioned to be the consolidator of choice in a fragmented U.S. landscaping industry.

looking at our market opportunity on slide 9 we are uniquely positioned to be the consolidator of choice in a fragmented u s landscaping industry


We believe in the value proposition of our combined entity, and view our growth story as only being in its early stages. However,

we believe in the value proposition of our combined entity and view our growth story as only being in its early stages however


However, with our management deals, we look for projects in which we can manage the full food and beverage services for our hotels at their multiple venues.

however with our management deals we look for projects in which we can manage the full food and beverage services for a hotel at their multiple venues


firepower in terms of increased rates. So we feel really good about what we're doing on the core deposit side. You see a few outliers that have

firepower in terms of increased rates so we feel really good about what we're doing on the core deposit side you see a few outliers that have


For attendees, trade shows allow them to meet existing new suppliers, to buy products and services, to learn more about current trends and generally network within their industry.

for attendees trade shows allow them to meet existing new suppliers to buy products and services to learn more about current trends and generally network within their industry


on a more serious note, what we need to do is execute and that

on a more serious note what we need to do is execute and that


So finally, on international, looking ahead. And as we've said many, many times before, the international travel market is very large

so finally on international looking ahead and as we've said many many times before the international travel market is very large


We expect total company revenue to increase in the mid-teens year-over-year, driven by both subscription and Premion revenue growth as well as substantially higher political revenue.

we expect total company revenue to increase in the mid-teens year-over-year driven by both subscription and premium revenue growth as well as substantially higher political revenue


The still stands. We are very happy with the progress, and we are very unhappy with the state where we are, but we are making progress in trying to change the latter.

the sentiment still stands we are very happy with the progress and we are very unhappy with the state of where we are but we are making progress in trying to change the latter


Please see the release and our SEC filings for information on the risks and uncertainties that may cause actual results to differ materially

please see the release and our sec filings for information on the risks and uncertainties that may cause actual results to differ materially


And so we -- when we look at international expansion, we're not looking at Europe or Asia or anything like that, but we are looking around the borders of CXI, and

and so we -- when we look at international expansion we're not looking at europe or asia or anything like that but we are looking around the borders of cxi


and we know also that on smart power technologies with time it is important to go to 12-inch,


is either reduced or 0. So it cannot be better than today. If you look at it today, dtac has a whole range of frequencies.

is either reduced or 0 so it cannot be better than today if you look at it today dtac has a whole range of frequencies


could have come on slightly later, but there was a customer that wanted it like a week or so earlier and it just slipped into the earlier quarter. So

could have come on slightly later but there was customers that wanted it like a week or so earlier and it just slipped into the earlier quarter so


Super users have privileged access that if compromised can devastate an organization, and the complexity of protecting assets and applications in an elastic environment is daunting.

super users have privileged access that if compromised can devastate an organization and the complexity of protecting assets and applications in an elastic environment is daunting


Thanks, Troy. Please turn to Slide 13. We are pleased with the progress of our business, particularly the swing to organic growth in the Americas DCS business,

thanks troy please turn to slide 13 we are pleased with the progress of our business particularly the swing to organic growth in the americas dcs business


how do you expect the services footprint to expand with clients in terms of, perhaps, average client revenue potential?

how would -- how do you expect the services footprint to expand with clients in terms of perhaps average client revenue potential


that will benefit us long term. We continued to harvest some of that cost saving over there, some of it is already in place. In fact, I'd say a big slug of it is in place,

that will benefit us long term we continue to harvest some of that cost saving over there some of it is already in place in fact i'd say a big slug of it is in place


Yes. So I was just wondering if you can just talk about the number of other programming that you would have increased on a Y-o-Y basis across your driver channels.

yes i was just wondering if you can just talk about the number of hours of programming that you would have increased on a y-o-y basis across your driver channels


when they went live, but there's probably less impact on that in the quarter because there was some training involved and then merchant services

when they went live but there's probably less impact on that in the quarter because there was some training involved and then merchant services


adjusted operating profit and EBITDA to all increase slightly higher than adjusted EPS due to higher projected interest rate expense from our bond financing

adjusted operating profit and ebitda to all increase slightly higher than adjusted eps due to higher projected interest rate expense from our bond financing


We feel the medical device and consumer electronics world is -- continues to be extremely strong and we think we -- we're growing in that area.

we feel the medical device and consumer electronics world is -- continues to be extremely strong and we think we're growing in that area


you're working on, but are you -- can you give us an idea of what kind of level of serious negotiation of that 75 that are quite advanced?

you're working on but are you -- can you give us an idea what kind of level of serious negotiation of that 75 that are quite advanced


Now our plan is to load that plant as much as possible early. We like the fact that it's on the West Coast so there'll be some immediate logistics

now our plan is to load that plant as much as possible early we'd like the fact that it's on the west coast so there'll be some immediate logistics


We intend to leverage our position as the largest distributor of global online training with hundreds of millions of course registrations each year

we intend to leverage our position as the largest distributor of global online training with hundreds of millions of course registrations each year


we have to continue working on cost reductions despite this environment. So that is going to be another factor that we have to take into consideration. So as I said at the outset though,

we have to continue working on cost reductions despite this environment so that is going to be another factor that we have to take into consideration so as i said at the outset though


to point to marketing as either our issue or our opportunity would be not very thoughtful. I mean, we have

to point to marketing as either our issue or our opportunity would be not very thoughtful i mean we have


this is a great -- high volatility actually that is a reflection of the hydrological profile we have had in Brazil.

this is a great -- high volatility actually that is a reflection of the hydrological profile we have had in brazil


we experienced in the first quarter of fiscal 2018. Store expenses as a percentage of sales decreased approximately 60 basis points

we experienced in the first quarter of fiscal 2018 store expenses as a percentage of sales decreased approximately 60 basis points


The FHA Multifamily division has had minimal production during the second quarter, but has a solid pipeline of transactions we have been

the fha multifamily division has had minimal production during the second quarter but has a solid pipeline of transactions we have been


to the board for all of their insights during this transformation and most importantly, to all of my HPE colleagues for their support and dedication to make all of this happen.

to the board for all of their insights during this transformation and most importantly to all of my hpe colleagues for their support and dedication to make all of this happen


So what we're doing now is we're working on, first, to better understand and quantify the significant financial and social impact

so what we're doing now is we're working on first to better understand and quantify the significant financial and social impact


has been a driving -- a driver of compensation of other things and what we are telling you is that next year, this is not going to be so much true. So we are

has been a driving -- a driver of compensation of other things and what we are telling you is that next year this is not going to be so much true so we are


around anything with a larger ticket item associated with it. That's the biggest change. But if you look at kind of general day rates, that looks like it's looked like for a long time.

around anything with a larger ticket item associated with it that's the biggest change but if you look at kind of general day rates that looks like it's looked like for a long time


they are working to understand and have a 360-degree view of their customer, and the power of that is really

they are working to understand and have a 360-degree view of their customer and the power of that is really


Starbucks' success, growth and sustainable long-term business approach has incented upstarts and other players to enter the coffee business from time to time.

starbucks' success growth and sustainable long-term business approach has incited upstarts and other players to enter the coffee business from time to time


Bread and wheat flour performed below expectation in the face of carbohydrate substitution and increased competitive activity.

bread and wheat flour performed below expectation in the phase of carbohydrate substitution and increased competitive activity


And although we don't intend to close any Edgartown National branches, we believe we can achieve these financial results primarily through efficiency gains.

and although we don't intend to close any edgetown national branches we believe we can achieve these financial results primarily through efficiency gains


Brazil's economy continued to feel the effects of negative growth. Given the macro economic environment, our local leadership team continued their ongoing focus

brazil's economy continued to feel the effects of negative growth given the macroeconomic environment our local leadership team continued their ongoing focus


The higher inventory includes an assumed increase in Polymer raw material costs and an increase in Polymer finished goods, the latter resulting from a decision

the higher inventory includes an assumed increase in polymer raw material costs and an increase in polymer finished goods the latter resulting from a decision


And aside from this, there was -- we have booked in full in July the cost unwinding the interest rate hedge associated with this loan.

and aside from this there was -- we have booked in full in july the cost of unwinding the interest rate hedge associated with this loan


The primary adjustment is to add the month of October 2014 into the first quarter and shift the other months appropriately.

the primary adjustment is to add the month of october 2014 into the first quarter and shift the other months appropriately


We really started over the holidays saying, let's go through and do a robust analysis of what the risks are and are we just seeing some of the risk items that

we really started over the holidays saying let's go through and do a robust analysis of what the risks are and are we just seeing some of the risk items that we


Both sides are wrapping up their cases and are now preparing for closing arguments on April 30. After that, we'll wait for the court's ruling.

both sides are wrapping up their cases and are now preparing for closing arguments on april 30 after that we'll wait for the court's ruling


trying to pull out the Geismar revenue. I will say, though, that we do expect a pretty modest uplift

trying to pull out the geyser revenue i will say though that we do expect a pretty modest uplift


But it did, in the case of some of the solar activities, where again this is work that should have started

but it did in the case of some of the solar activities where again this is work that should have started


Tyler asked earlier about thresholds for norepinephrine, and again, that's a -- the plan in the program is to use thresholds to ensure that the patients who are coming in could respond

tyler asked earlier about thresholds for norepinephrine and again that's a -- the plan in the program is to use thresholds to ensure that the patients who are coming in could respond


event to talk about. But our focus is still within China and not just within the Tacoma to be able to do very cost

event to talk about but our focus is still within china and not just within the tacoma to be able to do very cost


We also outlined our planned priorities for 2017 and our longer term goal of becoming a leading diversified global aesthetics company.

we also outlined our planned priorities for 2017 and our longer-term goal of becoming a leading diversified global aesthetics company


we're running today smarter FX strategies, thanks to, I'll say the quant genius of some of the KCG guys. We got some really talented

we're running today smarter fx strategies thanks to i'll say the quant genius of some of the kcg guys we've got some really talented


The provision was recognized at the first half. Additional detail explaining the nature of the provision is provided in the review of operations, so I won't repeat that here.

the provision was recognized at the first half additional detail explaining the nature of the provisions provided in the review of operations so i won't repeat that here


Perhaps just two relatively related. Could you comment on Sherwin-Williams? How you've seen their initial impact on the market and how you read that going forward?

just two relatively related could you comment on show and williams how you've seen their initial impact on the market and how you read that going forward


I would also like to address Alpha's developments in renewable energy and their energy storage systems for residential and consumer customers.

i would also like to address alpha's developments in renewable energy and their end storage system -- energy storage systems for residential and consumer customers


Finally, an adequate level of international reserves offsets the risks arising from the external account, with solvency indicators approximating their best results in years.

finally an adequate level of international reserves offsets the risks arising from the external account with solvency indicators approximating their best results in years


of the peso. And when you have an appreciation of the peso, the conversion adjustment line decreases more so than the relief that we get from

of the peso and when you have an appreciation of the peso the conversion adjustment line decreases more so than the release that we get from


In architecturally specified building products, the commercial construction backdrop continues to remain strong. However, project delays across the industry have tempered our growth rates.

in architecturally specified building products the commercial construction backdrop continues to remain strong however project delays across the industry have tempered our growth rates


We do expect to see additional outages impacting costs during Q3. It was good to see the 1% price impact on sales,

we do expect to see additional outages impacting costs during q3 it was good to see the 1% price impact on sales


So you're talking about maybe for next fiscal year the adjusted operate -- adjusted income and the operating income will come closer?

so you're talking about maybe for next fiscal year the adjusted operate -- adjusted income and the operating income will come closer


With our board, we have support and guidance from world-class institutional sponsors. These owners represent roughly half of our outstanding shares,

with our board we have support and guidance from world-class institutional sponsors these owners represent roughly half of our outstanding shares


that we have the ability to continue to put capital back in our shareholders' hands and invest it in the business and create continued growth opportunities.

that we have the ability to continue to put capital back in our shareholders' hands and invested in the business and create continued growth opportunities


Hitting our bonefish targets, driving return on equity is still one of our primary objectives that we focus on day in, day out in our management strategies. So

hitting our bonefish targets driving return on equity is still one of our primary objectives that we focus on day in day out in our management strategy so


The elimination of this debt provides further flexibility to sell assets without any debt encumbrances and allows us to sustain our capital recycling efforts.

the elimination of this debt provides further flexibility to sell assets without any debt encumbrances and allows us to sustain our capital recycling efforts


separately, at the beginning of the year, you laid out your Project Lightning plans and talked about sort of fine-tuning your CapEx expectations. I don't know if you're far enough through the budgeting process. But do you have a sense,

separately at the beginning of the year you laid out your project lightning plans and talked about sort of fine-tuning your capex expectations i don't know if you're far enough through the budgeting process but do you have a sense


Though we are proud of what we've achieved during the fourth quarter, we are even more encouraged about our prospects moving forward, given the strength of our unique asset base.

though we are proud of what we have achieved during the fourth quarter we are even more encouraged about our prospects moving forward given the strength of our unique asset base


We have responded with targeted promotions and the launch of new formats, in part, using these as an opportunity to reposition our products.

we have responded with targeted promotions and the launch of new formats in part using these as an opportunity to reposition our products


While still in the early innings of our initiatives to optimize our marketing efforts, we are very encouraged by the strong results of the pilot campaigns we launched in the third quarter.

while still in the early innings of our initiatives to optimize our marketing efforts we are very encouraged by the strong results of the pilot campaigns we launched in the third quarter


Well, probably the most important and exciting part of that question is that we're actually able to discuss it. And I feel great about what's ahead of us in the next 12 months.

well probably the most important and exciting part of that question is that we're actually able to discuss it and i feel great about what's ahead of us in the next 12 months


Our inpatient clinical information system has been installed at 6 former Reliant hospitals and will be installed in all former Reliant hospitals by year-end.

our inpatient clinical information system has been installed at 6 former reliant hospitals and will be installed in all former reliant hospitals by year-end


On the positive side, we won additional integrated awards in Mexico, including Integrated Drilling Services and Integrated Services Management contracts

on the positive side we won additional integrated awards in mexico including integrated drilling services and integrated services management contracts


And that brings me into the cloud discussion. We also discussed that before, and I've said many times that the public cloud is not the destination.

and that brings me into the cloud discussion we also discussed that before and i've said many times that the public cloud is not the destination


we expect margin performance in spite of all the investments that we will make, and some of these investments will continue to be at an accelerated pace.

we expect margin performance in spite of all the investments that we will make and some of these investments will continue to be at an accelerated pace


Now what we think is going to happen next year is there'll be very modest improvement throughout the year, particularly in the second half of '17, but I caution we think it's modest.

now what we think is going to happen next year is there'll be very modest improvement throughout the year particularly in the second half of '17 but i caution we think it's modest


and we want to continue to increase our capabilities in all those areas because we think that's going to increasingly become a very important source of long-term competitiveness.


but the workflow redesign that has to go with it is an important piece. And this is, again, a source of differentiation versus some of the other technology platforms.

but the workflow redesign that has to go with it is an important piece and this is again a source of differentiation versus some of the other technology platforms


think about approval of new -- tying in new wells on Guatiquia and what our plans going forward are and he can also update you on the

think about approval of new -- tying in new wells on guadiqueia and what our plans going forward are and he can also update you on the


gives them support whenever they have any technical question related to the product. Even though the product is relatively simple,

gives them support whenever they have any technical question related to the product even though the product is relatively simple